Regulation 11 - Effect of refusal to grant certificate - Securities and Exchange Board of India (Custodian) Regulations, 1996

Effect of refusal to grant certificate. 11. Any 1 [ custodian ] whose application for grant of certificate has been rejected by the Board shall, on and from the date of the receipt of the communication under sub-regulation (2) of regulation 10 cease to carry on any activity as 1 [ custodian ] and shall be subject to the directions of the Board with regard to the transfer of records documents or securities that may be in its custody or control relating to its activity as 1 [ custodian ] . ************ NOTES:- 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 before it was read as custodian of securities